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The chair of Atos, the troubled French IT services group, Bertrand Meunier, is reportedly stepping down, leaving the fate of his restructuring and asset sale plan uncertain, according to insiders.
Insiders also claim that Jean Pierre Mustier, formerly CEO of Italian bank UniCredit, is being considered as Meunier’s replacement.
An official announcement regarding the shake-up could be made as early as Monday.
Atos and Meunier have declined to comment, while Mustier has chosen not to respond.
It remains unclear how these board changes will affect the strategy of the highly indebted company, which has struggled under Meunier’s leadership. Atos recently appointed its third CEO in two years.
Shares in Atos, a provider of technology solutions, cyber security, and analytics to businesses, have plummeted over 50% this year, reaching an all-time low of €4.88 on Friday. The company also possesses quantum computing assets that are considered vital to the French government’s defense programs.
This shake-up occurs as Atos negotiates the sale of its lossmaking legacy operation, Tech Foundations, to Czech billionaire Daniel Křetínský. If successful, the deal would give Křetínský a 7.5% stake in Atos’s remaining business, which would be renamed Eviden.
However, this complex agreement has faced criticism from some shareholders, including hedge fund CIAM and UDAAC, a group of small shareholders. They have accused Atos of providing insufficient financial disclosure regarding the deal.
CIAM has filed a lawsuit, while UDAAC has reached out to the French markets regulator, AMF, to take action.
Additionally, a group of French senators has expressed concerns about Křetínský acquiring a stake in Eviden due to the sensitive nature of its super-calculator technology, which is used for the French nuclear weapons program.
According to sources close to Křetínský, he is willing to remove this aspect of the deal and has provided a letter to the French government expressing his position.
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